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Mid-term review of the Capital Plan
Ministers Donohoe and Noonan announcing the Mid-Term review of the Capital Plan
Revised Plan will ensure additional funding is allocated in line with national economic and social infrastructure priorities
Public Expenditure and Reform Minister Paschal Donohoe today informed the Government of the approach being taken to the review of the Capital Plan in 2017. Minister Donohoe was joined by Finance Minister Michael Noonan this afternoon to set out the process through which infrastructure projects will be prioritised in the months ahead and also the longer-term approach that is to be taken to address our future planning needs.
The Capital Plan ‘Building on Recovery: Infrastructure and Capital Investment 2016-2021’, published in September 2015, set out Exchequer capital spending of €27 billion and, including the wider semi-state sector and PPPs, total state-backed capital investment of €42 billion.
According to Minister Donohoe:
The Capital Plan is now being reviewed to ensure that capital spending is fully aligned with national economic and social priorities, consistent with Programme for Partnership Government objectives.
This Government is strongly committed to meeting priority public capital needs. This commitment is clearly evidenced by the additional €5 billion allocated to capital spending in last year’s Summer Economic Statement.
A key goal for the review is to focus available capital resources on investment that can best underpin sustainable economic growth and social progress and enhance Ireland's future growth potential.
Minister Noonan said:
Delivering quality infrastructure is crucial to ensuring social cohesion and improving our economic productivity in the years ahead. This Government’s approach to doing so will bring much needed certainty to investment in such infrastructure over the coming years, helping to further strengthen our economy and allowing us to address social and community needs.